tracker EPFR and other investment banks shows Asia ex-Japan equity funds have been attracting several times the flows going into the region's bond funds since November. In the week ended Jan. 10, emerging market equity funds had record inflows of $7.4 billion, nearly four times that for debt funds.

The MSCI index of Asia ex-Japan stocks has climbed 6 percent since the end of November, compared with the just under a 1 percent rise in the high-yield JP Morgan Asian Credit Index (JACI) composite benchmark.

"Instead of chasing high single-digit yields in Chinese property bonds, one might as well invest in select equities or sell some options if that makes any sense," said Joshua Lee, Associate Director with Magenta Advisors, an investment management firm.

Selling put options, or options to sell stocks, could annually yield as much as 14 percent on blue-chip names, Lee said.